Economics

An American cattleman. The U.S. Bureau of Labor Statistics announced that 651,000 jobs were lost in February (making it the third straight month in which more than 650,000 jobs have been lost) thus increasing the unemployment rate to 8.1 percent, the highest level since 1983. The Obama Administration pointed to 60 new highway-paving jobs in Maryland as proof that the $787 billion stimulus package was succeeding. “That’s how we’re going to get the country back on its feet,” said Transportation Secretary Ray LaHood. The White House hopes that the stimulus package will generate 3.5 million jobs; 4.4 million have been …

President Barack Obama addressed a joint session of Congress, offering a broad outline of a massive spending plan paired with $2 trillion in spending cuts over the next decade. “Now is the time,” he said, “to jump-start job creation, restart lending, and invest in areas like energy, health care, and education.”NPR.orgIt was announced that General Motors lost $30.9 billion last year; that U.S. GDP fell 6.2 percent in the fourth quarter of 2008, exceeding the officially predicted 3.8 percent drop, and even the 5.5 percent drop economists had expected; and that the U.S. government will own up to 36 percent …

The House and Senate reached agreement on a $789 billion economic-stimulus plan, which President Barack Obama is expected to sign into law despite a lack of support from Republicans.New York Times“When Roosevelt did this,” said Representative Steve Austria (R., Ohio), “he put our country into a Great Depression. That’s just history.”Dispatch PoliticsThe Columbus DispatchAbraham Lincoln and Charles Darwin both turned 200.Washington PostAnglican hymns were sung at Darwin’s tomb in Westminster Abbey. A poll showed that 43 percent of Britons believe in creationism.Associated PressIn a speech at the Capitol, President Obama called Lincoln a “singular figure who in so many ways …

Israel bombed Hamas targets in Gaza for three days, killing at least 300 people, 50 of them civilians, and blowing up a mosque and a television station. Palestinians seeking to flee into Egypt were turned back; a doctor at a Gaza hospital said that after 18 months of Israeli sanctions the lack of medical facilities made it better for a patient “to be brought in dead.” Israeli Defense Minister Ehud Barak said that the bombing, ordered in retaliation for ongoing rocket attacks by Hamas, would be “widened and deepened as is necessary,” and an area around Gaza was declared a …

An American cattleman. President George W. Bush announced a $13.4 billion bailout for General Motors and Chrysler. The bailout, which will make use of funds authorized by Congress in October for the rescue of U.S. financial institutions, requires among other things that the automakers sell their fleets of private aircraft. “I’ve abandoned free-market principles,” said Bush, “to save the free-market system.”New York TimesBreitbartPresident-elect Barack Obama called for an expansion of his economic recovery plan in order to save a half-million more jobs atop the 2.5 million he already hopes to save, at a total cost of $600 billion or $700 …

The Labor Department reported that 533,000 people lost their jobs in November, a further 621,000 people were forced into part-time employment, and 422,000 more simply dropped out of the labor force. The report, describing a situation far worse than economists expected, also recorded 24,000 layoffs by auto dealers.MarketwatchRepresentatives of the Big Three car companies, facing their lowest sales in decades and, in the case of Chrysler and General Motors, imminent collapse, again appeared before Congress (traveling by car and commercial flights this time, rather than on private jets) to ask for $34 billion in aid, a few billion less than …

“He could be one of a million beach-bound, black-socked Florida retirees, not the man who, by some odd happenstance of life, possesses the brain of Albert Einstein — literally cut it out of the dead scientist's head.”